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SAIL to Form Shipping JV Company with SCI
03/31/2010 - Steel Authority of India Ltd. (SAIL) has signed an agreement for formation of a 50:50 joint venture company with Shipping Corp. of India Ltd. (SCI). The JV will initially cater to around 1 million tonnes of SAIL's imported cargo annually.
Steel Authority of India Ltd. (SAIL) has signed an agreement for formation of a 50:50 joint venture company with Shipping Corp. of India Ltd. (SCI).
The JV will primarily take care of SAIL’s shipping needs by owning and operating ships. It will be registered at Kolkata and initially cater to around 1 million tonnes of SAIL's imported cargo annually. The company is expected to be expanded subsequently.
The agreement was signed by SAIL Director (Finance) Soiles Bhattacharya and SCI Director (Technical & Off-shore Services) U.C. Grover in the presence of SAIL Chairman S.K. Roongta and SCI Chairman S. Hajara.
SAIL currently imports around 10 million tonnes of coking coal per annum. The shipping JV company will allow SAIL to have control over part of its coking coal supply chain. SCI is in the process of acquiring new vessels.
Roongta said that SAIL is focused on ensuring its long-term raw material security and will continue to focus on logistics facilities and creation of infrastructure for smooth flow of raw materials and movement of finished products.
SAIL is India’s largest st
eelmaker, and SCI is the country’s largest shipping company.
eelmaker, and SCI is the country’s largest shipping company.
